If one doesn't work out then I would find the new one.

I only have variable rate mortgages which historically long term always work out less expensive but requires a investor to be able to afford the fluctuations.In your case I would only plan 5 years ahead.

If I purchase/own the note, can I still go after the borrower for the money and work out some type of deal?

It just didn't work out.

And, to be honest if this 6 months of mailings that I committed to did not work out I probably would have given up on my dream of having my own real estate business.  

UPDATE| Feeback pleaseThe tenant called me wanting to work out some payment plan.  

I guess my question is to you BP family is have any of you used these avenues before and how did it work out?

These people almost never work out as most people won't follow through and do what is asked or necessary.I help people all the time, but the minute it becomes quid pro quo, my knowledge for your help and labor, I feel responsible for your success.

Or save the money for a down payment on a house in 12 months, depends what numbers work out better.

I would like to help the father move on but if the numbers don't work out I can't help him as much as I would like to.Thanks for reading everybody!